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A man walks past a parked taxi in Havana, Cuba, on June 17 (local time). / Reuters Yonhap

Cuba, currently under economic sanctions from the United States, has signaled its intention to step up survival strategies focused on attracting foreign investment and expanding the private sector.

In an interview with the Wall Street Journal (WSJ) published on July 1 (local time), Oscar Perez-Oliva Fraga, Cuba's Deputy Prime Minister, emphasized that the US is trying to force Cuba into economic dependence. He stated that the US has always underestimated the nation, but emphasized that they can endure.

The US initiated an oil blockade against Cuba in January while imposing strict sanctions on its state-owned enterprises. In May, US prosecutors indicted former Cuban President Raul Castro on murder charges related to the 1996 shootdown of civilian aircraft.

Deputy Prime Minister Perez-Oliva also detailed the country's ongoing economic reforms, noting that the government announced 176 economic measures last month to attract foreign investment, expand the small-scale private sector, and prevent both economic collapse and potential US military action. He stressed that these changes are not a smokescreen but are serious and well-designed.

The 176 economic measures introduced by Cuba last month include lifting the cap on corporate headcount—which previously banned firms with more than 100 employees—allowing entrepreneurs to operate multiple businesses, removing price controls, permitting private banking operations, and opening state-owned enterprises to privatization and partnership with foreign investors.

Severe energy shortages have dealt a blow to Cuba's tourism industry, a foundational pillar of its economy, leading foreign operators managed hotels to exit the country.

Deputy Prime Minister Perez-Oliva stated that Cuba is actively seeking new partners to manage these hotels, emphasizing that tourism remains the sector most open to foreign investment.

                                                                                                          Park Jin-sook